Sale of Second Major Power-to-Gas Plant

RNS Number : 4481Z

ITM Power PLC

11 December 2014

 



11 December 2014

ITM Power plc

("ITM Power" or "the Company")

Sale of Second Major Power-to-Gas Plant

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has won a competitive tender for the sale of a rapid response PEM Power-to-Gas electrolyser system from RWE Deutschland AG.

The electrolyser system is one of ITM Power's CE marked HGas platforms, which has been widely demonstrated in a Power-to-Gas installation in Frankfurt.  The system incorporates PEM stacks operating under differential pressure.  As with all ITM Power's HGas platforms, the system has the ability to self-pressurise, operate via remote control and modulate rapidly in response to demand.  The system is packaged in a 20 foot ISO container for use outdoors.  ITM Power will be supplying the plant with a two year warranty and ITM Power is supplying a three year after sales support contract.

As part of the Company's drive to increase productivity, delivery timescales have also been significantly reduced. The full contract value will be recognised in the ITM financial year ending April 2015.

It is noted that this deployment will use a higher current density permitting a higher hydrogen output per stack.  System efficiency is also increased by simplification of the balance of plant.  Further information regarding the sale will be provided in the New Year as appropriate.

Dr Graham Cooley, CEO, ITM Power PLC, commented: "This sale is our second significant Power-to-Gas order in an important strategic territory for this technology."

For further information please visit www.itm-power.com or contact:

ITM Power plc Graham Cooley, CEO	0114 244 5111
Zeus Capital Dan Bate/John Depasquale John Goold	020 7533 7727
Tavistock Communications Simon Hudson / James Collins	020 7920 3150

About ITM Power plc:

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO.  Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed.  The Company has now made the transition from a research and development company to a product manufacturer and technology provider.  The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.  The Company now has £8.51m of projects under contract and a strongly developing pipeline of projects and sales.

www.itm-power.com

 

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